flythere From Hong Kong, joined May 2010, 443 posts, RR: 0 Posted (3 years 11 months 3 weeks 4 days 12 hours ago) and read 1766 times:
The Cathay Pacific Group reported a profit of HK$2,808 million (USD360 million) for the first six months of 2011 which compares to a profit of HK$6,840 million (USD877 million) in the first half of 2010. Earnings per share fell by 58.9% to HK71.4 cents (USD9.15c) Turnover for the period rose by 13.2% to HK$46,791 million (USD5998.8 million).
In the first half of 2011, the core business of the Group remained generally robust following the very strong performance of 2010. The passenger businesses of both Cathay Pacific and Dragonair performed well, with strong demand for premium class travel despite economic uncertainty in some of the world’s major economies. The cargo business performed reasonably in the first quarter of the year but was appreciably weaker in the second quarter. Revenues were boosted by the relative strength of a number of key operating currencies.
Agree there. Oil price is the main culprit for all airlines this year that no one can escape.
While comparing the likes of LH, AF with operation losses and SQ's plunge of 82% profit, a drop of 59% (with an already very high base in 2010) is already much an out-performance than the rest.